All Forum Posts by: Eric Lee

@Jorge Ruiz Very interesting, thanks for sharing that info.  When asking my lender about this they said there would have to be a 6 month period before being able to refinance (even if the property was purchased cash).  Sounds like I should circle back and clarify with them.    

@Lynn Dee Murrow Thanks for the advice.  So far I've sort of focused on looking in areas that can get close to a 1% rent to value ratio.  Seems like as properties get more expensive (200k+), that starts to get pretty hard, which is why I've focused on ~150k properties, which has led me to Mesquite/Garland.  However I'm definitely open to expanding my search as you suggest.  Are there any tertiary markets in particular that you'd suggest I start with as I widen my search?

@Steven Loveless thanks for the info/advice. I've read about the BRRRR strategy on BP, could that methodology apply to doing cash deals for the kind of properties I'm interested in? Meaning pay cash for a 150k house cash (to get the benefits you mentioned of being able to close faster and be a more attractive offer), and then refinance afterwards to get some money back for future investing? BRRRR sounds like it's meant for fixer-uppers, but are there reasons it wouldn't work for a property that isn't a total fixer-upper?

Thanks @Andy Webb, I'll plan on checking out that meeting, hopefully meet you there!

@Jibran Najmi Very helpful info, thanks!  I actually grew up in Plano too, went to plano senior high.  

Hi @David Veeder, thanks for the advice, much appreciated!  

Hi Andy,

Thanks for sharing, I'll definitely look into it.  Hard to say no to spring creek BBQ..

Do you find that the meetings are more geared for current landlords?  Or do they also discuss finding new properties/deals and that whole part of the process?

Hi Everyone!

My name is Eric, I live in Addison TX, and I work in healthcare IT.  I've been a BP member for a while now, but this is my first post.  I've mostly just been in the background, reading and learning as much as I can, but I'm ready and excited to finally take action and get much more actively involved!

I'm interested in investing in rental properties in Dallas, and my goal is to acquire my first property later this year (targeting SFH, 150-200k). I'm hoping to get some general information from any seasoned investors out there familiar with the Dallas market.

From what I've read, it sounds like it's pretty crazy competitive right now (hearing things like properties having multiple cash offers over the list price getting turned down).  Has this been the experience for most investors here?  And do you think I would be at a big disadvantage for getting deals if I don't offer cash?

As far as location, are there certain areas that are more ideal for SFH rental properties under 200k? I'd be interested in anywhere in the general vicinity of Addison (Carrollton, Richardson, Garland, Mesquite, Irving, Plano, etc.). This might be too vague of a question, but any overall thoughts/advice on the current state of the market in these areas (specifically for under 200k rentals properties)?

Is a 1% rent to property value percentage reasonable to expect for homes in my price range, or is that pretty hard to come by these days? Also, in terms or cashflow or cash on cash ROI, what would you consider to be "good" for rentals in the current Dallas market? Just trying to make sure I'm setting my expectations correctly as I start evaluating deals.

This post turned out longer than I planned, but I appreciate any advice you can offer, specific to my questions or not!  Excited to (officially) be a part of the community here!

Eric